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Tyler Durden's picture

Conditioned To Catch The Falling Knife





The numbers out last night were once again largely on the weak side of disappointing, with very little reaction and even less of an intuitive reaction. As Bloomberg’s Richard Breslow writes, this is the downside of everyone having the same positions. Simply put, we've been trained to catch the falling knife by the CBs, one of those trading strategies that will work until it doesn’t and when the knife slips you will really have a taper tantrum.

 
Tyler Durden's picture

Gazprom To Europe: We Own You (At Least Until 2016)





“Commercial shale gas production in Europe can begin not earlier than in 2016-2018 even with positive geological surveys. But production volumes will not bring about major changes in the European gas market due to a decline in conventional gas production,” Gazprom. Which, sadly for Europe, means that Putin will be dictating his terms on the energy-strapped continent for a long, long time.

 
Tyler Durden's picture

Bill Ackman On Why Using Debt To Buyback Stock Is Great And Much More: Full Q2 Investor Letter





Now that everyone is finally focusing on the strategy of bloating any available company with massive leverage in order to use the proceeds to either buyback stock or engage in "synergy-creating" M&A (leading to countless pink slips), which is affectionately known as "activism", here is Bill Ackman's latest, Q2, letter with his take on this topic of how massive leverage which is great for shareholders now, but a disaster waiting to happen for employees and bondholders in the future as soon as rates rise, is the greatest thing since sliced bread.

 
Tyler Durden's picture

Iraq Policy: Washington’s Puzzle Palace Keeps Getting Curiouser





"So there are no proxies and there is no functioning Iraqi state. If the Washington war party decides to keep bombing just exactly what purpose will be served - other then defending a map which is now heading for the dustbin of history?"

 
Tyler Durden's picture

ISIS And The Coming Escalation In Iraq





ISIS has attracted an entire generation of radicalized Sunni militants to the region. If one watches interviews with their enemies such as e.g. Peshmerga fighters, one topic that is occasionally mentioned is that they don't seem to fear death much. Combined with their well-known brutality, this undoubteldy makes them a formidable fighting force. However, there is evidently far more to ISIS than that. All of the above suggests that it will be exceedingly difficult to effectively destroy ISIS. It seems to us that if the goals the president has announced in recent days are to be achieved, nothing short of a full-scale invasion of Iraq (as well as of Syria for good measure) is likely to suffice – and even then, success is by no means guaranteed.

 
Tyler Durden's picture

Bubble Market Stunner: Revenueless Biotech Goes Public, Drops, Trades For Six Days, Then Voids Entire IPO





Glass breaking in slow motion reversed In what is certainly a historic, and quite stunning, market first, not to mention prima facie evidence that Janet Yellen was right about the biotech (and not only) bubble, last week the equity markets experienced something that has not happened in decades: a biotech firm went public, traded for six days, only to announce Friday that it would void its IPO and won't issue shares after all, thanks to a key investor's failure to follow through on a commitment to buy stock. In other words, days after going public, yet another darling of the momo bubble mania du jour, decided to undo everything, and went back to being private (and soon: bankrupt).

Huh?

 
Tyler Durden's picture

France's 'Recovery' In 1 Hard-To-Believe Chart





With French government bonds trading at record low yields under 1.5%, it is hard to argue that the troubled socialist nation is 'priced' for either recovery or credit risk... but then again, thanks to Draghi's promise and domestic banks' largesse, none of that matters. With joblessness at record highs, the following chart of France's "recovery" shows near-record high bankruptcies and record-low profitability. Oh the beauty of socialism...as Europe's core diverges dramatically.

 
Tyler Durden's picture

No Bid: Revel Casino To Close After No Buyer Emerges For Twice Bankrupt Property





Anyone desperate to find clues to the "great American recovery" is strongly urged to stay away from Atlantic City, where shortly after the Revel hotel and casino filed for its second bankruptcy in 16 months, the struggling property announced it would shutter its doors for one final time in September, when not a single qualified buyer emerged during the bankruptcy auction. The good news: there will not be a Chapter 33 for the doomed from the beginning property. The bad news: the DOL will have to find a major seasonal adjustment to absorb the 3,100 jobs that were just lost. It also means that Atlantic City is set to close the year with 25% fewer casinos than it started with, following the shuttering of three other properties including the Showboat and Trump Plaza.

 
Tyler Durden's picture

Obama On The "Sacrifice" Of "No Vacations" In His Own Words





"You give me this office, and in turn, my fears, doubts, insecurities, foibles, need for sleep, family life, vacations, leisure is gone. I am giving myself to you. The American people should have no patience for whatever is going through your head because you have a job to do. You don't make that decision unless you are prepared to make that sacrifice, that tradeoff. Those who make mistakes in the president's office make them because they haven't fully thought through the dimensions of that choice."

- Barack Hussein Obama

 
Tyler Durden's picture

If Goods Don't Cross Borders, Armies Will





While the conflict in Ukraine rages on, EU member states havedecided to impose (not so much more stringent)economic sanctions against Russia, which was predictably followed by Russian counter-measures. The question which isn't being asked often enough, is whether these sanctions will actually improve the situation. Here's an analysis following four concrete questions:

1. Can things get even worse in Russia?
2. Is the West able to guide Russia and Ukraine down the right path?
3. Can the West contribute to a sharpening of the crisis?
4. How can the West protect itself against this conflict?

 
Tyler Durden's picture

Is Anyone In Control? The Iraq "Post Coup" Confusion Deepens





While the US is alternating between bombing the north of Iraq, and occasionally paradropping MREs and jugs of water to keep up the "noble" facade of intervention, it is very much unclear if Iraq currently has a government and in fact, who is in charge. As reported yesterday, current PM al-Maliki, seemingly unhappy with relinquishing power when a new Prime Minister, Haider al-Abadi was chosen, decided to conduct what many described as a military coup and encircled the residence of the president. Since then things have gotten quite confusing.

 
williambanzai7's picture

DeaR RuDDeRLeSS...





A limerick for Barry Jung Un...

 
Tyler Durden's picture

Syria 2.0: US Starts Sending Arms To Kurdish Fighters





While Einstein defined insanity as repeating the same behavior and expecting different results, it appears President Obama's administration defines that action as US foreign policy. Just as they did in Syria (where the US 'trained' moderate Al Qaeda terrorists, instead of "sending troops" - ensuring no 'boots on the ground' blowback), AP reports that the US is sending arms to the Kurds as their new proxy mercenary force in Northern Iraq. We are sure the result will be different this time?

 
Tyler Durden's picture

Muddled Messaging Ripe For Opposition





One can’t help when looking at all the geopolitical as well as threats of non-containment of the deadly Ebola virus and wonder: Who’s in control here? Here’s a hint – it’s not the people lining up to give the message via oratory salvos. One thing has now been shown in vivid detail: The more messaging put out along these same lines will only make it abundantly clear to any and all opposition that those in charge haven’t a clue.

 
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